8th Apr 2020 11:04
(Alliance News) - Pendragon PLC on Wednesday said it has cut the pay of its executive team and upper management with the aim of conserving cash amid uncertainty caused by the Covid-19 outbreak.
The automoble dealership and servicing chain highlighted that the outbreak has hurt Stratstone, Evans Halshaw, Car Store, Pinewood, Quickco and Pendragon Vehicle Management, adding that many operations are closed or operating at reduced capacity.
Pendragon said that from April 1, salaries of board members and the senior leadership team will be reduced by as much as 20%, upper management will see their salaries cut by up to 15%, and salaries of other corporate and field support personnel will be lowered by as much 10%.
Pendragon also said it will furlough over 80% of its UK staff for 21 days.
The 20% reduction in Chief Excutive Bill Berman's salary will be donated to the UK National Health Service. Pendragon also will donate 20,000 disposable seat covers to local health trusts in addition to offering 25% off to all first responders and front-line workers for maintenance or warranty work needed on their vehicles until the end of April.
Pendragon shares were trading 3.6% higher at 7.30 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
PDG.L